Nations worldwide risk wasting $640 billion by continuing to encourage the coal sector rather than investing in less expensive and environmentally friendlier solar and wind energy projects.
In a report issued Thursday, financial expert Carbon Tracker stated 60% of the world’s coal power plants are generating electricity at a higher price than renewable energy alternatives would offer.
As green initiatives have made inroads lately, traders have deserted their century-previous reliance on coal. However due largely to political pressures, governments proceed to fund the coal industry.
In order to limit global warming to 1.5 degrees Celsius by the end of this century, based on goals set by the Paris Agreement on Climate Change, world dependence on coal power would need to be significantly cut before the year 2030.
Notably, by that due date, an 80 percent reduction from 2010 coal levels needs to be achieved. Moreover, based on the Carbon Tracker report, one coal plant has to close down every day until 2040 to fulfill the 1.5 degree Celsius global warming limit
The report, titled “How to Waste Over half a Trillion Dollars,” stated the specter of climate change and clear environmental and economic benefits make speedy action essential. It discovered nearly 500 gigawatts of new coal energy is planned or under development globally.